Your business’s value proposition is the way you describe and convey the potential of your product or service to prospective customers.
It’s essential that you’re able not only to describe but thoroughly understand what value means to your NHS or social care audience.
Value is relative and looks different to different people. It’s important that you don’t assume what is valuable to your audience without testing those theories.
A value proposition is more than just a marketing statement. It is your and your colleague’s understanding of the problem you are seeking to solve; the alternative scenarios and the varying impacts; how your innovation or improvement will change approaches and ways of working; and the potential overall impact.
How to start thinking about your value proposition
Across the heath innovation networks, we regularly encourage innovators to start work on their value proposition using the logic model. The logic model helps to highlight the key components of an intervention to show how it creates change.
Completing a logic model exercise will help clarify your thoughts and, if completing with a team, make sure you have a unified concept of your value.
You can find out more about logic models in a health and care context on the GOV.UK website .
Understand the terminology
When working on your value proposition, you’ll come across language that is open to interpretation. For example, when using a logic model there is a need to differentiate between:
- Outputs – what we do and who we reach
- Outcomes – effects for the target group
- Impacts – what that amounts to more widely.
Outcomes and impacts are regularly confused. Understanding the difference and what that could mean to your prospective customer is one of the most significant strands of your value proposition.
There is also a difference between ‘measuring’ and ‘evaluating’, which are regularly used as interchangeable terms. Although linked, measuring is about collecting information and evaluating is about using the information to determine the value or potential value.
If you’ve found this information useful, you may also be interested in the following resources from some of our heath innovation networks: